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Property profile & analytics
FOR LEASE
Parking lots & garages
6280 N College Ave Indianapolis, IN 46220
Entity Owned
14-yr Hold
Free & Clear
Property ID
US31-0515548
For Lease
1 / 24
$2,770,000
6280 N College Ave, Indianapolis, IN 46220
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Property summary
AI-generated overview
The Marko on the Canal, located at 6280 N College Ave in Indianapolis, Indiana (zip code 46220), offers exceptional retail and restaurant space for lease. This multi-tenant property boasts a total of 26,471 square feet, with a significant portion currently available. A minimum of 1,907 square feet is divisible, allowing for flexibility in tenant needs, while a maximum of 5,290 contiguous square feet is available for larger businesses. Currently, 9,559 square feet of space is vacant, presenting a unique opportunity for immediate occupancy. One existing space of 2,362 square feet is ready for lease. Further expansion is anticipated in early 2024 with the addition of 7,200 square feet of retail/restaurant space in the second phase of development. The property features ample parking with 350 spaces available for customers and employees. Situated in Marion County, this location provides excellent access to a thriving Indianapolis market. This is an ideal opportunity for businesses seeking a high-visibility location with substantial space and convenient parking. The property is classified as Street Retail and is perfect for a variety of retail and restaurant concepts.
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2013
Construction
CONCRETE
Total area
104,694 SF
Lot
1.24 ac (53,840 SF)
Zoning code
ZO01
APN
49-03-35-101-001.000-801
UPID
US31-0515548
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Maison de la Peau Spa & Massage Center
-
Athletico Physical Therapy - Indianapolis (Broad Ripple) Physician
-
Salon Lofts Broad Ripple Hair Salon Nail Salon
-
Studio V Spa & Massage Center Skin Care Clinic
-
Indianapolis Barber Company Barber Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.77M
Owner & transaction history
6280 LLC · 14 yrs held
6280 LLC
since 2011
1 recorded transaction
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.3M
+47.9%
Medical building
$4.2M
+44.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
PARKING LOT
$2,885,000
Current use
COMMERCIAL (GENERAL)
$4,265,000
Change: +48% · Conversion: Difficult
MEDICAL BUILDING
$4,155,000
Change: +44% · Conversion: Difficult
Blend value · Realmo final
$2.77M
Range $2.49M – $3.05M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$26 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$136,815
Tax year 2023
Assessed value
$5,993,600
Assessed 2023
Previous assessed
$5,993,600
+0.0% YoY
Effective rate
2.28%
On assessed value
Assessed land
$888,400
Assessed improvement
$5,105,200
Land market value
$888,400
Improvement market value
$5,105,200
Total market value
$5,993,600
Applied tax rate
801.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
For Lease
Year built
2013
Construction
CONCRETE
Heating
NONE
Stories
2
Total area
104,694 SF
Lot
1.24 ac (53,840 SF)
Zoning code
ZO01
APN
49-03-35-101-001.000-801
UPID
US31-0515548
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, IN
Zoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Indianapolis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
PARKING LOT Current
Est. value
$2.9M
COMMERCIAL (GENERAL)
Est. value
$4.3M
MEDICAL BUILDING
Est. value
$4.2M
PARKING LOT Current
COMMERCIAL (GENERAL)
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2013
Construction
CONCRETE
Heating
NONE
Stories
2
Lot
1.24 ac
Current owner
From public records · entity-resolved
6280 LLC
Entity
Free & Clear · 14 yrs held
Mailing address
47 S PENNSYLVANIA ST STE, INDIANAPOLIS, IN 46204-3698
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 6, 2011
—
6280 LLC
Marathon Petroleum Co LP
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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